MONTRÉAL, May 11, 2023 /CNW/ - Following a disciplinary hearing held on April 4, 2023, a hearing panel of the Investment Dealer Division of the New Self-Regulatory Organization of Canada (New SRO) found that Patrick Poulin executed unauthorized transactions in the accounts of three (3) clients and, moreover, offered a client compensation in order to settle the latter's complaint, without his employer's knowledge.
The Hearing Panel's decision on liability, dated April 25, 2023, is available at:
Specifically, the Hearing Panel found that the Respondent committed the following violations:
a) On or around October 26, 2021, Mr. Poulin executed unauthorized transactions in the accounts of three (3) clients, contrary to Rule 1400 of the Investment Dealer and Partially Consolidated Rules.
b) On or around May 26, 2021, Mr. Poulin offered a client compensation in order to settle the latter's complaint, without his employer's knowledge, contrary to Rule 1400 of the Investment Dealer and Partially Consolidated Rules.
The Hearing Panel imposed the following sanctions:
a) ORDERS Mr. Poulin, on count 1, to pay the amount of $12,000;
b) ORDERS Mr. Poulin, on count 2, to pay the amount of $20,000;
c) PROHIBITS Mr. Poulin from approval in any capacity for a period of 12 months following notification of the decision;
d) ORDERS Mr. Poulin, in the event of reapproval, to submit to close supervision for 12 months and to rewrite the Conduct and Practices Handbook examination.
Mr. Poulin will also pay costs in the amount of $10,000.
The Investment Dealer Division of New SRO formally initiated the investigation into Mr. Poulin's conduct in May 2022. The violations occurred while Mr. Poulin was a Registered Representative with the Saint–Hyacinthe branch of Manulife Securities Inc., at the time an IIROC-regulated firm and now a New SRO-regulated firm. Mr. Poulin is no longer a registrant with a New SRO-regulated firm.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by New SRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
New SRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
New Self-Regulatory Organization of Canada (New SRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
SOURCE New Self-Regulatory Organization of Canada
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Enforcement Contact: Claudyne Bienvenu, Vice-President, Québec and Atlantic, 514 878-2854, [email protected]; Media Contact: Julia Mackenzie, Manager, Public Affairs Acting, 416 786-1650, [email protected]
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